You are here:
It's worth how much?!? Incorporating valuation metrics into long-term goals in Tampa Bay, Florida, USA
Citation:
Greening, H., M. Russell, A. Wynn, AND S. Mattox. It's worth how much?!? Incorporating valuation metrics into long-term goals in Tampa Bay, Florida, USA. CERF 2015, Portland, OR, November 08 - 12, 2015.
Impact/Purpose:
Abstract for a presentation to be given at CERF covering some of our valuation work in Tampa
Description:
The establishment of science-based long-term environmental management goals is just the first step in what is typically a decades-long process to restore estuarine and coastal ecosystems. In addition to adequate monitoring and reporting, maintaining public interest, financial support and political will are crucial elements in sustaining progress towards goals. The local government and agency partners participating in the Tampa Bay Estuary Program have established numeric areal extent goals for seagrass, emergent coastal habitats and freshwater wetlands in the watershed, and water quality targets necessary to meet seagrass goals. Progress towards these goals are monitored and reported on a regular basis, and eagerly tracked by local governments, agencies and the environmental community. However, engaging the business community and the general public in understanding the value of restoring habitats and water quality, and encouraging their participation in maintaining forward progress has been challenging. Adding new metrics to convey the value of reaching long-term goals has proven an effective method for reaching previously unengaged elements of the community. Ecosystem services valuation, including nitrogen removal via denitrification, indicate that seagrass extent recovered over the last 20 years now generate nitrogen removal services equivalent to building a new wastewater treatment plant. An economic evaluation indicate that water quality and habitat improvements now support one of every five jobs in the Tampa Bay area, and add $22B US per year, or 13% to the local economy. Blue carbon benefits of restored estuarine and freshwater wetlands provide significant carbon sequestration and value for potential carbon markets, while also encouraging additional habitat restoration. Economic valuation metrics provide important, and relevant, new tools for sustaining the community support necessary for successful attainment of long-term goals.